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All Journal Jurnal Ekonomi Kuantitatif Terapan UNEJ e-Proceeding Economics and Finance in Indonesia JURNAL AKUNTANSI, MANAJEMEN DAN EKONOMI Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Journal of Management and Business Environment (JMBE) Jurnal Ekonomi Indonesia Jurnal REP (Riset Ekonomi Pembangunan) Economic and Finance in Indonesia Jurnal Pelayanan Masyarakat Jejak: Jurnal Ekonomi dan Kebijakan
Ciplis Gema Qori'ah
Fakultas Ekonomi Dan Bisnis Universitas Jember
Religion Agriculture, Biological Sciences & Forestry Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Law, Crime, Criminology & Criminal Justice Social Sciences Other

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Interaction between Monetary and Macroprudential Policy to Enhance Financial Stability: Evidence from Indonesia Yulia Indrawati; Adhitya Wardhono; Hadi Paramu; M. Abd. Nasir; Nyoman Gede Krishnabudi; Ciplis Gema Qoriah
Budapest International Research and Critics Institute-Journal (BIRCI-Journal) Vol 5, No 2 (2022): Budapest International Research and Critics Institute May
Publisher : Budapest International Research and Critics University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33258/birci.v5i2.4794

Abstract

This study aimed to evaluate the interaction between monetary and macroprudential policy through the function of the central bank's objectives, namely the plain vanilla taylor rule, lean against the wind taylor rule, independent macroprudential policy rule and lean against the wind taylor rule with macroprudential policy. The parameter value used was based on the previous empirical study. The numerical optimizer csminwel of Chris Sims was used to solve the quadratic linear problems. The optimum coefficient calculation applied dynare optimal simple rule routine using the application of dynare 4.5.7 and matlab software. The result shows the macroprudential instruments, known as a buffer in monetary policy, we’re able to optimally minimize the loss function of the central bank. The central bank carried out both monetary and macroprudential policy in a comprehensive way to achieve two purposes as stated in the tinbergen principle. The interest rate policy is intended for reaching inflation and output stability, while the macroprudential policy is for credit growth. Macroeconomic stability with the addition of macroprudential policy is significant. This advantage is intended to cover greater volatility both in the policy rate and the inflation rate.
Co-Authors Adhitya Wardhono AGUS FERDIANTO Ariz Aprilia Bayu WIjayanti Catur Wulandari, Meisyaroh Christina Dwi Ayu Wulandari Gigih Pratomo Hadi Paramu Ika Nurjannah Indrawati , Yulia Josi Ali Arifandi M Abd Nasir M Abd. Nasir M. Abd. Nasir M. Abd. Nasir Misbahol Yaqin Mochammad Ridwan G. Mu'min, M. Silahul Nasir, M. Abd. Nyoman Gede Krishnabudi Oktaviani Ari Wardhaningrum Sari, Kiky Indah Satrio Wicaksono Waluyo, Adiet Try Yaqin, Misbahol Yulia Indrawati Yulia Indrawati